The fintech company Superstate has launched a new way for publicly listed companies registered with the U.S. Securities and Exchange Commission (SEC) to raise funds directly on-chain.
According to an announcement shared by Superstate through Cointelegraph on Wednesday, any SEC-registered issuer can now issue new shares on Ethereum and Solana through its Direct Issuance Programs (DIPs), with investors paying in stablecoins and receiving tokenized stocks instantly at real-time market prices.
Jim Hiltner, co-founder and head of business development at Superstate, told Cointelegraph, "The regulatory capability to directly issue registered stocks is not new. What is new is that issuers can now conduct these issuances on-chain, which changes the possibilities for business operations and economics."
The launch of DIPs is part of Superstate's mission to bring compliant public market infrastructure on-chain. This model utilizes Superstate's SEC-registered transfer agent infrastructure, which automatically updates the shareholder register as tokenized stocks are transferred between verified wallets, ensuring compliance with current securities laws.
Hiltner stated, "Any publicly listed company registered with the SEC can use this structure to conduct issuer-led primary market offerings on-chain. Our infrastructure is now live. Issuers can start preparing and submitting their plans immediately. The first issuances from listed companies are expected to go live in 2026."
DIPs are built on the foundation of this fintech startup's year-long on-chain expansion. In May of this year, Superstate launched Opening Bell, a platform aimed at tokenizing and enabling SEC-compliant on-chain activities for registered stocks.
In September, one of the largest public Ethereum holders, SharpLink Gaming, disclosed plans to tokenize its common stock through Superstate's platform. At the same time, Galaxy Digital announced that it had launched its tokenized public stock on Solana through Superstate's transfer agent infrastructure.
The launch of DIPs coincides with a year of expansion for other tokenization initiatives on Ethereum and Solana, such as Franklin Templeton's move from tokenized money market funds to a multi-asset real-world asset (RWA) platform.
As of the third quarter of 2025, the market for tokenized real-world assets on public blockchains has surged to over $24 billion, with Ethereum and Solana accounting for more than half of all RWA activity.
Hiltner noted that DIPs allow companies to design issuance structures under the standard SEC registration framework, directly receiving stablecoin proceeds into their wallets and instantly distributing tokenized stocks to verified investors.
Each transaction updates the issuer's shareholder register in real-time, achieving instant settlement while maintaining the integrity of ownership records. According to Hiltner, issuers can achieve lower financing costs by reducing underwriting and distribution fees and reaching a broader pool of qualified global investors.
For investors, the system allows retail and institutional participants to purchase newly issued stocks directly from companies (sometimes below exchange prices) and have the stocks settled instantly to their wallets.
Hiltner remarked, "This combines regulatory compliance with on-chain execution. If investors meet all requirements, they can participate; if not, the system will block the transaction."
Superstate's model integrates existing securities laws with the instant settlement channels of the crypto space, aiming to bring traditional financial regulation into on-chain capital market infrastructure.
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Original article: “Superstate Opens On-Chain Fundraising Channels for SEC-Registered Public Companies”
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